English French German Italian Portuguese Russian Spanish

Codere grows in revenue in all its markets, up to 1,314.8 million euros in 2022 (+67.5%)

Madrid, May 4, 2023.- Codere, a leading multinational in the private gaming sector, today announced its results for the fourth quarter of 2022 and year-end.
The company has reached revenues of €1,314.8M in the year, 67.5% more than in 2021, as a result of the lifting of coronavirus restrictions in theaters and the strong recovery in almost all its markets, especially in Argentina and Italy. In Uruguay, a change in the revenue recognition criteria has resulted in an increase compared to the previous fiscal year.
Adjusted EBITDA reached 231.9M in 2022, €133M more than in the previous year, not being fully comparable due to the closure of gaming halls during 2021, compared to full operation from the second quarter of 2022.
Adjusted EBITDA margin for the year reached 17.6% (5 percentage points above the same period in 2021), mainly driven by the solid performance of Argentina and Italy.
Situation of the main markets at the end of 2022
Spain reaches revenues of €172.9M in 2022, an improvement of 18.8% compared to 2021, especially due to the good performance of the sports betting and machine business.
Italy recorded revenues of €283.4M in 2022, 85.6% more than the previous year, thanks to the good results of the machines (VLT and AWP) and bingo.
Mexico is recovering with the reopening of all gaming halls and a gradual restoration of the impact, in the second quarter, of the promotional and smoking restrictions, obtaining revenues of €233M, 45.7% more than in 2021.
Argentina reaches revenues of €346.9M, almost 135.6% more than in the same period of the previous year. Billing for 4Q2022 was negatively affected by the Soccer World Cup, due to the drop in visits to the game rooms on match days.
Likewise, the growth trend in the rest of the group's markets stands out, where Uruguay reached a turnover of €69.9M, 92.4% more than in the same period of 2021, mainly due to the accounting recognition of income in HRU and the good performance of the tables at the Casino de Carrasco; Panama invoices €71.9M, 48.5% more than the previous year, thanks to the strong recovery and the opening of a new room; and Colombia also registers a strong recovery, with revenues of €20.8M, 39.9% more than those achieved in 2021.
The online business, whose results were presented independently and can be consulted at codereonline.com, also performed positively in 2022, with revenue growth of 45.1% compared to the previous year, to €116.1M , especially driven by the strong performance of Mexico and Spain.
As of December 31, 2022, the group's cash position was €129.9M, €76.1M corresponding to retail and €53.8M to online. In terms of park installed, the company has 46,409 machines, 143 game rooms, 1,039 arcades, 174 sports betting venues and 8,108 bars.
Broad support from shareholders and bondholders for the financing operation.
On March 29, the company reached an additional liquidity financing agreement with its main shareholders and bondholders for a value of 100 million euros, to support the group's new Business Plan; as well as the modification of certain terms of the existing Codere notes.
The operation has had the majority support of the company's capital. 99% of the value of the super senior notes, 96% of the value of senior notes in dollars, 94% of senior notes in euros and 92% of the PIK subordinated notes. Thus, the processes for the implementation of the transaction have begun, which will foreseeably be completed in the second quarter of 2023.
Note: This press release includes information derived from Codere's financial statements included in the 'FY 2022 Earnings Results' published on 05/04/2023, not independently audited. Financial information by business area is presented in accordance with generally accepted accounting principles and Codere's internal criteria.
About Codere
Codere is a gaming operator, an international benchmark, with a presence in seven European countries - Spain and Italy - and Latin America - Argentina, Mexico, Panama, Colombia and Uruguay -, which operates gaming machines, bingo stands and terminals. omnichannel sports betting, both through the online channel and through points of sale that include game rooms, arcades, bars, betting rooms and racetracks.